Steps:
- Heat oil in heavy medium skillet over medium heat. Add onion; sauté until soft and beginning to brown, about 8 minutes. Stir in vinegar and brown sugar, reduce heat to low, and cook until onion is brown and sauce is thick, stirring often, about 20 minutes. Season with salt and pepper. DO AHEAD: Can be made 3 days ahead. Cool, cover, and chill. Bring to room temperature before using. Cook bacon in heavy large skillet over medium heat until crisp. Transfer to paper towels to drain. Pour off all but 2 teaspoons drippings from skillet. Sprinkle steak with salt and pepper. Heat drippings in skillet over medium-high heat. Add steak and sear until browned and cooked to desired doneness, 1 to 2 minutes per side for medium-rare. Divide steak among 4 bread slices. Top each with cheese, bacon, and small handful of arugula; spoon some of onion mixture over. Top with remaining bread slices.
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